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Where Taxpayers and Advisers Meet

CGT on Main Residence - Renting and No Refurb Paperwork

trnd777
Posts:10
Joined:Thu Oct 12, 2017 10:09 am
CGT on Main Residence - Renting and No Refurb Paperwork

Postby trnd777 » Sat Nov 18, 2023 2:16 pm

Worried about CGT on my main residence - if renting it while overesease and no refurb paperwork.

Spent a good slice of its current value on upgrades and modified layout....had not planned to rent it out.

Owned it 3 years and may rent it out another 3 years.

I actually see a similar post to this just put up.. I only have step-by-step photos and no paperwork as it was just going to be used 3-4 years then sold with no renting..only main residence occupancy.
Things change and then on my main residence will the upgrades sunk in it also attract CGT or can I self-declare/estimate amount put into it when time comes to sell taking into account a portion of time will pull in CGT liability ?

bd6759
Posts:4397
Joined:Sat Feb 01, 2014 3:26 pm

Re: CGT on Main Residence - Renting and No Refurb Paperwork

Postby bd6759 » Sun Nov 19, 2023 12:09 am

It is your responsibility to self-assess any tax liability. You will only be in trouble if you carelessly or deliberately use an incorrect figure. A justifiable and reasonable estimate is neither.

trnd777
Posts:10
Joined:Thu Oct 12, 2017 10:09 am

Re: CGT on Main Residence - Renting and No Refurb Paperwork

Postby trnd777 » Mon Nov 20, 2023 10:18 am

Great, I also have supporting photographic evidence of extensive upgrades before/after and a building warrant for the 2nd of 2 significant upgrades.

Lesson learned if I move to a new residence - keep every receipt regardless in case things change on who resides there.

trnd777
Posts:10
Joined:Thu Oct 12, 2017 10:09 am

Re: CGT on Main Residence - Renting and No Refurb Paperwork

Postby trnd777 » Mon Nov 20, 2023 10:22 am

I wonder if you use a round figure in both upgrade instances.... if that is not advised ?


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